Mobile apps, artificial intelligence and advanced analytics are just some of the innovations shaking up the landscape for global insurers to help them meet the rising expectations of tech-savvy customers. Claims processing makes up the lion’s share of property and casualty insurers’ expenses. According to Deloitte, paid losses combined with investigative and settlement expenses accounted for around 70% of US premiums collected. Efficient claims processing is important for the bottom line of the insurance company and for boosting customer satisfaction among policyholders. The claims customer experience matters deeply. It’s a moment of truth – 87% of policyholders believe the claims experience impacts their decision to remain with insurers.
Accelerate your claims processing with automation tools
There are typically three steps in the insurance claim process.
1. Customer Claim
Claims processing begins with a policyholder reporting the loss to the insurance company. Technology supporting this step is a website portal that allows the customer to upload photos or videos of the damage along with submitting required forms. Personalized portals, online forms and access to critical information all help support the claims process – and are easily created and implemented with OpenTextTM TeamSite.
In this step, the employee (insurance adjustor) can see what the customer uploaded and check their insurance policy. Advanced analytics are used for fraud detection. OpenTextTM Exstream supports companies in providing personalized communications to customers, allowing the distribution of policies, FAQs and more via their preferred channel. See how Universal Insurance Company uses Exstream for personal, auto, dwelling, billing, claims, checks, liability and mail certificate elements of its business.
This occurs when the insurance company makes the payment to the policyholder. OpenTextTM Notifications supports this step by letting customers know that settlement paperwork is ready to sign, allowing customers to take action, provide their signature and accept the payment.
Customers today are looking for better self-service options, more convenience and faster turnaround times. By embedding technology at the right moments during the claims process, insurers can help meet clients where they are – providing personal service via the channel of choice (email, SMS, push and more) while improving employee experience and overall efficiency.
Technological enhancements can make a big difference. A report from J.D. Power found that homeowners processing claims digitally, including online filing of first notice of loss and acceptance of the insurer’s digital damage assessment, the time to payment was reduced by up to 5.5 days – compared to those that didn’t file their claim online along with photo proof of damage.1
With so much at stake, enabling the right technology will be critical to improving claims and harnessing the benefits from your investments. Make sure you don’t introduce silos and think in a composable and modular approach so that the claim, the assessment and settlement takes-on a seamless experience. OpenText Experience Cloud brings all steps in the process together with the key capabilities and products unified on the same platform.
9 out of the top 10 global insurance companies trust OpenText
Empathetic and responsive communications go a long way to improving the overall customer journey. See why 9 of the top 10 Fortune 500 global life insurers rely on OpenText Experience Cloud to modernize their customer experience.